Schaeffer's Trading Floor Blog

Drifting

by 6/17/2005 2:45 PM
Stocks quoted in this article:

The action continues to drift...


Chart Courtesy of Thomson/ILX

The SPX was trying to crawl back towards its highs but just suffered a set-back that hit right around the time that chatter picked up that crude hit a new high of 58.50...


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Chart Chatter - SMH

by 6/17/2005 1:52 PM
Stocks quoted in this article:

The semis are in an interesting spot right here...


Created with SuperCharts by Omega Research

This daily chart zooms in on the resistance zone that we have been watching. The SMH failed at this level in late-2004 and again the spring of this year. And so far the group has failed to overcome this area. Earlier this week the SMH was able to reverse off its lows and is now back to challenge that zone again...


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Index Check

by 6/17/2005 12:46 PM
Stocks quoted in this article:

With drift through lunch with the bulls losing enthusiasm...at least relative to what we saw at the open.

Some groups, such as housing, oil, gold and biotech, are still holding gains but a number of groups have dropped back to flat for the day...


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Stocks quoted in this article:

Those with a subscription to the Wall Street Journal/Barron's might want to check out this article - 3M's Value May be Masked...As the title suggests, it casts MMM in an optimistic light as it is argued that post-it notes are being supplanted by flat-panel screens and a topical skin-disease treatment...Of course given the chart below, it looks like the stock needs all the help it can get...


Created with SuperCharts by Omega Research

MMM was a steady "trender" into the summer of 2004 but has since meandered sideways. The stock is currently perched on long-term support near 75. A break would make this sideways pattern look more like a topping pattern....


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Chart Chatter - SPX Intraday

by 6/17/2005 11:10 AM
Stocks quoted in this article:

After an hour and a half of action, we find the SPX...


Chart Courtesy of Thomson/ILX

...holding gains but trading more or less in line with where it opened. The bulls made a push at the open but have so far failed to capitalize on that by building momentum...

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